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2024-07-31-accounts

Registered number: NI034280

Charity Commission NI number: NIC 102044

The Queen’s University of Belfast Foundation (a charitable company limited by guarantee)

Annual report and financial statements for the year ended 31 July 2024

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Annual report and financial statements for the year ended 31 July 2024

Pages
Reference and administrative details of the charitable company 1
Strategic Report 2 - 8
Directors’ Report 9 - 10
Statement of Directors’ responsibilities in respect of the Directors’ Report, 11
the Strategic Report and the financial statements
Independent auditor’s report to the members of The Queen’s University of 12 - 15
Belfast Foundation
Statement of financial activities (including income and expenditure account) 16
Balance sheet 17
Cash flow statement 18
Notes to the financial statements 19 - 26

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Reference and administrative details of the charitable company

Members

John O’Donoghue Dr John Fitzpatrick (to 31 December 2023) Tessa Breslin (to 8 March 2024) Dr Garrett Curran (appointed 9 October 2023 to 8 March 2024) Patrick Anderson (appointed 9 October 2023 to 28 November 2023)

Directors

Patrick Anderson (appointed 28 November 2023) Tessa Breslin (appointed 8 March 2024) Georgina Copty Dr Garrett Curran (appointed 8 March 2024) Dr Ryan Feeney (appointed 8 March 2024) Professor Sir Ian Greer Anne McLaughlin Dr Stephen Prenter Sir Bruce Robinson Dr Edward Vernon

Chair

Dr Garrett Curran (Chair appointed 1 January 2024) Tessa Breslin (Deputy Chair appointed 9 October 2023)

Honorary Secretary

Eddie Friel (appointed 1 February 2024) Dr Ryan Feeney (to 2 February 2024)

Registered office/principal office

Queen’s University Belfast Alumni Engagement and Philanthropy Lanyon Building University Road Belfast BT7 1NN

Solicitors

Carson McDowell LLP Murray House 4 Murray Street Belfast BT1 6DN

Bankers

Ulster Bank 91-93 University Road Belfast BT7 1NG

Independent auditor

KPMG The Soloist Building 1 Lanyon Place Belfast BT1 3LP

Charity Commission NI number NIC 102044

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Strategic Report

The Directors present their Strategic Report for the year ended 31 July 2024.

Objectives and activities

The Queen’s University of Belfast Foundation (“the charitable company”) was established to advance the strategic goals and objectives of Queen’s University Belfast. The Foundation Board’s primary function is to generate financial support for the University’s agreed priorities which are expressed in the University’s Strategy 2030.

Strategy 2030 sets out the University's ambition to Shape A Better World through life-changing education and research. Its four strategic priorities build on the University's rich heritage of economic and social innovation and bring focus to global challenges facing the world today. These priorities are aligned to the United Nations Sustainable Development Goals.

These priorities, which the Foundation Board shares, are:

The underlying premise of the charitable company is to assist the University in ensuring it has the resources it needs to deliver on Strategy 2030.

Restricted income funds are disbursed to the University in accordance with the specified wishes of the donor. Unrestricted income funds are disbursed following the Board’s approval of applications from across the University.

The main objectives this year were to raise funds for priority projects and to identify future projects for philanthropic funding. The purpose of the charitable company, as set out in its Articles of Association, is the advancement of education for the public benefit.

Achievements and Performance

Overview

Philanthropic support enables the enhancement of world-class research, student experience and facilities that would not be possible without the generosity of individuals, charitable organisations, trusts, foundations and businesses who give to our projects. In 2023-24, £5.9m income was received by the Foundation. In the same period £4.9m was transferred to the university including £2.0m for scholarships, student enterprise and employability; £0.4m for widening participation and £1.3m for medicine and health.

The Foundation is supported by the work of Alumni Engagement and Philanthropy (AEP) at Queen’s. 100% of gifts received by the Foundation are transferred directly to the project which they were intended to support, with all administrative costs for philanthropy being met by Queen’s University Belfast. AEP has reported that in 2023-24, £6.8m was committed in new gifts and pledges to support future research, education and the student experience at Queen’s. This funding will be received by the Foundation in due course as these commitments are fulfilled by donors.

2

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Strategic Report ( continued)

Achievements and performance (continued)

Some of the year’s key highlights were as follows:

Principal and major gifts

Queen’s received its largest ever in-kind donation from US computer software company Alteryx. The company will be donating data licences to students and staff at Queen’s with a value of £3m.

A gift of £0.9m was secured from Martin-Baker Aircraft. This is being added as received to the Sir James Martin Fund, an endowed fund established in 2016, to support a 25% uplift to the Scholarships and Prizes awarded by the Fund to students in Mechanical and Aerospace Engineering.

The Seamus Heaney Centre at Queen’s has opened a new landmark building that honours the legacy of Seamus Heaney and looks ahead to the future of poetry and creative writing on the island of Ireland. New gifts totalling £0.7m were secured this year from individuals and charitable foundations for the new building, outreach activities and academic positions.

£0.6m has been pledged by NI Kidney Research Fund to support two Fellowships. Continuing the long-term relationship with Queen’s, Leukaemia & Lymphoma NI pledged £0.4m over three years to fund a Fellowship and early career researchers in lymphoma research. A pledge of £0.2m from The Sir Jules Thorn Charitable Trust will fund vital ophthalmology research equipment. Other gifts supporting medical research will support the establishment of a myasthenia gravis research programme at Queen’s and fund research into FLASH radiotherapy as a potential new method for the treatment of brain tumours.

Examples of Legacy gifts received this year include £0.3m to support medical research within the Faculty of Medicine, Health & Life Sciences. £70k was received to refurbish the Astrophysics Lab and to support the Catherine Buchanan Scholarship in Physics.

Following the establishment of the KN Cheung SK Chin Simulation Centre, the focus is on securing funds for up to four InterSim Fellowships in Medicine, Pharmacy and Nursing and Midwifery. Gifts secured this year included £70k from Ulster Garden Villages and £15k from the Northern Pharmacies Limited Charitable Trust.

Scholarships, Studentships, Bursaries and Prizes

Donors continue to provide generous funding for scholarships, studentships, bursaries and prizes with new gifts secured totalling £1.7m.

A combined gift of £0.8m was secured to establish the Thomas J Moran Memorial Endowment Fund, to support scholarships for students from a widening participation background. Thanks to a further commitment from Mrs Georgina Copty and Mr Chris McDowell, the Copty Scholarship has been extended for a further five years. This valuable scholarship offers Palestinian students the chance to travel abroad and study a master’s degree at Queen’s. A gift secured from Kenmare Resources plc established The Kenmare PhD Studentship to support a talented postgraduate student from Mozambique to further their education at PhD level in Queen’s.

Further gifts secured established the Frank and Dorothy Anderson Scholarships in Mechanical and Aerospace Engineering and provided further support for the Professor John Glover Memorial Award which supports two PhD students in the field of life sciences. Gifts were also secured from Ulster Carpets for the Walter Wilson Scholarships for engineering students who face barriers to higher education, and from the ICAEW Foundation for scholarships in Queen’s Business School.

3

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Strategic Report ( continued)

Achievements and performance (continued)

Widening Participation – Pathway Bursary Fund

A range of initiatives to support young people from backgrounds who are most able but least likely to attend higher education were supported through philanthropy. The Pathway Opportunity Programme (POP) continues to grow, reaching more school students from under-represented areas than ever before, providing them with support to encourage progression to university.

A total of £0.4m new funds were secured this year for the Pathway Bursary Fund which provides financial support for POP participants when they come to Queen’s. This includes support from members of the Bright Future Collective (BFC), an initiative which brings local companies together to support the Pathway Bursary Fund. Two companies renewed their membership of the BFC this year and Belfast Harbour Commissioners was secured as a new member. Further gifts were secured from individual donors and Horizon Therapeutics to support the Pathway Bursary Fund.

Regular giving and community fundraising

The Regular Giving Programme supports the student experience and life-changing research. Funds are raised through telephone fundraising appeals, direct mail and digital marketing campaigns, as well as community fundraising.

The majority of funds support and enhance all aspects of the student experience through the Queen’s Annual Fund. A total of £0.25m was secured for the Annual Fund in 2023-24. Following the annual call for applications for funding, £59k was awarded and disbursed to 64 student clubs, societies and initiatives, with key themes including civic engagement, cost of living support, sport development, mental health and wellbeing, sustainability/circular economy, entrepreneurship, arts, culture and more. A highlight of the year was the Queen’s Annual Fund celebration event in the Mandela Hall, showcasing the student Clubs, Societies and projects being supported by the Fund this academic year.

Community fundraising continues to fund student support and medical research and thanks must go to those individuals and groups who are so committed to supporting Queen’s in this way. For example, a new endowed fund has been established to fund a student prize and travel award to support research within neurology and Parkinson’s disease.

Engagement

The Alumni Engagement team maintain lifelong relationships with more than 230,000 alumni around the world. In 2023-24, the team continued to enhance the sense of community and belonging amongst graduates through face-to-face events and online activity. Engagement events were held in North America, across Britian and Ireland, with international events in a series of locations including China and the United States. The team is working with colleagues across Queen’s to expand our graduate network through a series of events planned to mark the University’s 180[th] anniversary in 2025.

Queen’s Alumni Associations have continued with their annual programmes of events and activities. The Queen’s Graduates’ Association held the Charter Day Dinner in the Great Hall in November, attended by 82 guests. During the evening the 2023 Allstate NI Queen's Graduate, Student, and Alumni Volunteer of the Year Awards were presented. Paralympian and professional wheelchair basketball player, James MacSorley won the Allstate NI Queen's Graduate of the Year Award for 2023. Entrepreneur John McKee was awarded the Allstate NI Queen’s Alumni Volunteer of the Year for 2023.

Other events throughout the year included an event in the Irish Embassy in London, hosted by UK Ambassador Martin Fraser, to mark the centenary of Queen’s University Association London. A group of Queen’s alumni working at Allstate Northern Ireland recently returned to the Queen’s campus for an engaging networking event. Allstate Northern Ireland have a longstanding partnership with Queen’s, with over two hundred members of the Allstate Alumni Chapter.

All graduates are also members of Convocation which, through volunteer alumni leadership, creates opportunities for connectivity, representation and dialogue between alumni and the Queen’s community. Convocation hosted a well-attended discussion panel on sustainability including representatives of Queen’s, with Debbie Caldwell (Belfast Climate Commissioner and Co-Chair of the Belfast Climate Commission).

4

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Strategic Report ( continued)

Achievements and performance (continued)

Publications aim to keep alumni connected with their alma mater wherever they are in the world. A Spring edition of the Lanyon Magazine was issued in 2024 and circulated to 180,000 alumni around the world. Most alumni received a new digital version of the magazine, in keeping with the University’s sustainability commitments, while a printed version was provided to remaining alumni where necessary. This was the first phase of a revamping of our alumni communications, with plans for a new quarterly global newsletter to provide updates on news from the University, alongside bespoke content about the role Queen’s and our graduates are playing in key locations around the world.

Queen’s alumni continue to give back to the University and its students. Volunteering opportunities improve the student experience for many, especially in helping students navigate future employment decisions through mentoring and placement opportunities.

North America

A key focus of activities is driving philanthropy, engaging alumni, and increasing Queen’s reputation in North America. The team planned several trips throughout the year and met with donors, prospects, honorary graduates and alumni as well as hosting and attending key events. In September/October, the team visited Vancouver, Toronto, Arizona, Dallas and Chicago. The Arizona visit was in partnership with colleagues from the Faculty of Engineering and Physical Sciences as part of cultivation of a principal level gift. A networking evening, hosted by Queen's and Invest NI was also held in Vancouver for alumni, supporters and the wider Irish/British diaspora. In November, a cancer research event was held in the Cambridge Innovation Center in Boston. Associate Pro-Vice Chancellor and Professor of Digital Health, Prof. Mark Lawler about the world-leading research taking place at Queen's, with a particular focus on Cancer Research.

A key event in March was the Chancellor’s Dinner in the Lotos Club in New York City, attended by 50 invited donors and prospects. In April, the Vice-Chancellor signed a Memorandum of Understanding with Ms Libby Duane Adams, Founder and CEO of Alteryx, who pledged the largest gift in kind to the University to provide data licenses to students and staff at the University.

In May, a follow-up event to the Chancellor’s Dinner was held in the Irish Arts Centre in New York City. The Queen’s evening, hosted by the Vice-Chancellor, with the Chair of the Foundation Board and Senate Officers in attendance, saw 150 invited donors, prospects, alumni, and stakeholders attend a private performance of ‘Agreement’. The Chancellor, Secretary Hillary Clinton, President Bill Clinton, Senator George Mitchell, and Dr Mitchell attended and addressed the audience. Other events in May included attendance at the Ireland Funds Gala and the Eithne and Paddy Fitzpatrick Golf Day where Queen’s University was among the beneficiaries.

Honorary Graduate Dr Declan Kelly is leading a fundraising initiative for the Senator George J Mitchell Institute at the request of former Chancellor Senator George J Mitchell. Activity included Senator Mitchell presenting at Dr Kelly’s Spark event, an exclusive gathering of senior Fortune 500 executives in May. There will be a follow up campaign in the US led by Dr Kelly and work is underway to further develop the fundraising strategy in consultation with Dr Kelly’s team.

The AEP team visited Charleston, Savannah, and Charlotte after the events in New York to meet with alumni, prospects and other stakeholders. They also worked with the Irish-American Partnership to co-host their ‘summer social’ with their Young Leaders and the Queen’s delegation.

In June, QUB Sport and other departments from the University supported the men's and women's University Gaelic Football teams to play against US teams in New York and Boston. This tour was an important initiative to expand global partnerships and create academic collaboration, civic engagement, and alumni involvement opportunities. Pre-match receptions were organised to bring together alumni, donors, and supporters to network before the matches. In addition, alumni supported student visits to First Derivatives and Options IT on Wall Street.

5

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Strategic Report ( continued)

Achievements and performance (continued)

Conclusion

The Foundation Board provides a platform for all these activities and a gateway for philanthropic giving in a confident, secure and robust structure, complying with all charitable and regulatory requirements. The Foundation is focussed on the strategic needs of Queen’s University and is pleased with performance in the last financial year. It is determined to grow philanthropic income in the coming years in support of research, education and the student experience at Queen’s.

Financial review

ANALYSIS OF INCOME AND EXPENDITURE

The Foundation’s business continued to develop during 2023-24 with income and disbursements remaining at a satisfactory level.

Voluntary income was received from the following sources:

Foundations & Trusts
Companies
Individuals
Legacies
Total		 2024
2023
£
£
1,564,062
1,775,571
1,749,807
1,601,902
1,959,376
1,662,952
497,624
297,805
5,770,869
5,338,230

Further details of the nature of restricted income funds are included in note 15 to the financial statements.

6

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Strategic report (continued)

Financial review (continued)

ANALYSIS OF INCOME AND EXPENDITURE (continued)

Grants disbursed to the University went to the following areas:

Restricted
Research – McClay Foundation
Simulation Centre
Other Fellowships
Health
Other Sponsorships
Seamus Heaney Fund
Seamus Heaney Centre Capital
Food Security
Scholarships, enterprise and employability
Widening Participation
Student Experience
Computer Science
Other Legacies
Other Arts, Culture & Humanities
Special Collections
Sports and sporting academies
Other Designated Funds
Unrestricted
Annual Fund (various projects)
Other Legacies
Other
Total		 2024
2023
£
£
154,346
150,346
115,946
1,200
100,000
200,000
895,729
1,014,455
69,000
46,019
148,888
56,500
-
804,836
84,500
207,887
2,031,198
507,520
439,157
361,534
125,838
142,171
-
113,381
212,294
192,018
35,310
108,894
-
69,963
118,237
329,172
221,849
123,471		 2024
2023
£
£
154,346
150,346
115,946
1,200
100,000
200,000
895,729
1,014,455
69,000
46,019
148,888
56,500
-
804,836
84,500
207,887
2,031,198
507,520
439,157
361,534
125,838
142,171
-
113,381
212,294
192,018
35,310
108,894
-
69,963
118,237
329,172
221,849
123,471
4,752,292
4,429,367
89,972
109,610
12,301
34,276
32,649
23,270
134,922 167,156
4,887,214 4,596,523

RESERVES – RESERVES POLICY AND YEAR END POSITION

Unrestricted income funds come mostly from the Queen’s Annual Fund. This income is disbursed to individual projects selected by the Board from applications across the University, to support bursaries for young people from a widening participation background and to a priority campaign project as defined by the Board. The Fund Policy is reviewed annually. The charitable company has a satisfactory year end position with unrestricted reserves of £997,835 (2023: £772,251) as of 31 July 2024, which will be disbursed annually following applications to the Board. The main reason for holding reserves is to ensure that the charitable company has sufficient resources to continue to fund programmes at historic levels should future income reduce.

Restricted income funds are amounts which are expendable only in accordance with the specified wishes of the donor. The restricted income funds consist of donations and gifts to assist with academic research and capital expenditure of the University. The charitable company has restricted funds of £4,541,842 (2023: £3,808,919) as of 31 July 2024, which will be disbursed at such times as the Foundation and the University are satisfied that the specific wishes of the donors are met

7

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Strategic report (continued)

Principal risks and uncertainties

The Directors have overall responsibility for ensuring that the Foundation has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that:

The primary risks associated with the Foundation are in respect of the inability to raise sufficient funds, the risk that a gift may be accepted which is inappropriate from an ethical/legal perspective and the risk that funds raised may not be used in accordance with the wishes of the donor.

The Foundation has well established and comprehensive controls in place to manage these risks including; a well-established team; procedures and systems to manage the Foundation’s pool of donors effectively; and an established protocol, in respect of the acceptance/rejection/utilisation of a gift/endowment.

The Board is responsible for the strategic direction of the Foundation, and day-to-day operational control is delegated to the Director of Alumni Engagement and Philanthropy, who is also the Honorary Secretary of the Board. As the governing body of the Foundation, the Board has responsibility for maintaining a sound system of internal control that supports the achievement of the Foundation’s policies, aims and objectives, whilst safeguarding donors’ funds and assets for which they are responsible. The system of internal control is designed to manage rather than eliminate risk, and to that extent it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. The accounting services for the Foundation are provided by Queen’s University Belfast and a review of the effectiveness of internal control is undertaken by the University’s Internal Auditors as part of their rolling audit plan. This involves the provision of an independent opinion on the adequacy and effectiveness of the system of internal control, with recommendations for improvement. The Board is satisfied that there is an ongoing process for identifying, evaluating and managing the Foundation’s significant risks. A Governance Review will take place in the following year.

Key performance indicators

In line with the nature of the charitable company’s activities, the Board carry out a regular review of performance across the Foundation’s range of activities.

Future outlook

Objectives for the coming year are to generate funds for priority projects that progress the University’s vision outlined in Strategy 2030. A particular focus will be on Widening Participation, Cancer Research, The Clinton Scholarship Fund and The Senator George J Mitchell Institute for Global Peace, Security and Justice. The 180[th] Anniversary of Queen’s will also provide an important opportunity for philanthropy, both in terms of awareness raising and generating financial support. Work is underway to explore the potential for a new Fund to support students.

There will be a continuing focus on increasing the breadth and depth of relationships with philanthropic partners to deliver transformational opportunities. The Foundation will also assess the potential for philanthropic funding for future planned projects. As Strategy 2030 embeds into the core functions of the University, the Foundation strategically supports this renewed vision for Queen’s through its work.

By order of the Board

Eddie Friel

Honorary Secretary 26 November 2024

8

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Directors’ report

The Directors present their report and the audited financial statements for the year ended 31 July 2024. The information with respect to Directors and advisers set out on page 1 forms part of this report.

The financial statements comply with the Memorandum and Articles of Association, the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP 2019), FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland , the Charities Act (Northern Ireland) 2008 (as amended by the Charities Act (Northern Ireland) 2015), and the Companies Act 2006.

Structure, governance and management

The Queen’s University of Belfast Foundation (“the charitable company”) is a company limited by guarantee, and as such, is governed by its Memorandum and Articles of Association. The charitable company is registered with the Charity Commission for Northern Ireland, with charitable number NIC 102044.

The governing body of the Foundation is the Board of Directors, comprising senior members of the University and an independent Chairman. The Board of Directors meets five times per annum. The Foundation operates in an environment which promotes equality, tolerance, and mutual respect.

Members

Lay members are recruited by the Board on the basis of their influence, expertise, and desire to serve the interests of the University. Applications are completed for membership and approved by the Directors. The liability of such members is limited to £1. On subscription, the members complete registration and are added to the members’ register. A member may withdraw from membership by giving 7 days’ notice in writing.

Directors

The Directors who served during the year are listed below:

Patrick Anderson (appointed 28 November 2023) Tessa Breslin (appointed 8 March 2024) Georgina Copty Dr Garrett Curran (appointed 8 March 2024) Dr Ryan Feeney (appointed 8 March 2024) Professor Sir Ian Greer Anne McLaughlin Dr Stephen Prenter Sir Bruce Robinson Dr Edward Vernon

Directors receive a handbook and undergo one-on-one training with the Honorary Secretary of the Board regarding operational procedures, the work of the Foundation and the contribution expected of them. Training is provided in relation to the roles and responsibilities of members and Directors as charity trustees.

Directors do not receive remuneration for their role within the Foundation.

Directors’ indemnities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial year and is currently in force. The charitable company is covered by the University’s Directors’ and officers’ indemnity insurance which was maintained throughout the financial year.

9

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Directors’ report (continued)

Structure, governance and management (continued)

Political donations

The charitable company made no political donations or incurred no political expenditure during the year (2023: £nil).

Disclosure of information to auditor

The Directors who held office at the date of approval of this Directors’ report confirm that, so far as they are each aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and each Director has taken all the steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

Auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG will therefore continue in office.

By order of the Board

Eddie Friel Honorary Secretary

26 November 2024

Queen’s University Belfast Alumni Engagement and Philanthropy Lanyon Building University Road Belfast BT7 1NN

10

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Statement of Directors’ responsibilities in respect of the Directors’ Report, the Strategic Report and the financial statements

The Directors are responsible for preparing the Directors’ Report, the Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland , as applied in accordance with the provisions of the Companies Act 2006.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources including the income and expenditure of the charitable company for that year. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

On behalf of the board

Eddie Friel Honorary Secretary

26 November 2024

Queen’s University Belfast Alumni Relations and Philanthropy Lanyon Building University Road Belfast BT7 1NN

11

Independent Auditor’s Report to the Members of The Queen’s University of Belfast Foundation

Report on the audit of the financial statements

Opinion

We have audited the financial statements of The Queen’s University of Belfast Foundation (‘the Charitable Company’) for the year ended 31 July 2024 set out on pages 16 to 26, which comprise the Statement of financial activities (including income and expenditure account), the Balance Sheet, the Cash flow statement and related notes, including the summary of significant accounting policies set out in note 1.

The financial reporting framework that has been applied in their preparation is UK Law and UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland .

In our opinion:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (FRC)’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). In our evaluation of the directors' conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

12

Independent Auditor’s Report to the Members of The Queen’s University of Belfast Foundation (continued)

Report on the audit of the financial statements (continued)

Conclusions relating to going concern (continued)

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Company will continue in operation.

Detecting irregularities including fraud

We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the entity's industry, regulatory environment and other external factors and inquiry with the directors. In addition, our risk assessment procedures included: inquiring with the directors as to the Company’s policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the directors have knowledge of any actual or suspected noncompliance with laws or regulations or alleged fraud; inspecting the Company’s regulatory and legal correspondence; and reading Board minutes.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.

The Charitable Company is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.

The Charitable Company is not subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected noncompliance.

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls. On this audit, we do not believe there is a fraud risk related to revenue recognition. We did not identify any additional fraud risks.

In response to risk of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.

13

Independent Auditor’s Report to the Members of The Queen’s University of Belfast Foundation (continued)

Report on the audit of the financial statements (continued)

Detecting irregularities including fraud (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The directors are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the strategic report and the directors’ report. The financial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Opinions on other matters prescribed by the Companies Act 2006

Based solely on our work on the other information undertaken during the course of the audit:

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

14

Independent Auditor’s Report to the Members of The Queen’s University of Belfast Foundation (continued)

Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set out on page 11, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregularities or error, and to issue an opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud, other irregularities or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

29 November 2024

John Poole (Senior Statutory Auditor)

for and on behalf of KPMG, Statutory Auditor The Soloist Building 1 Lanyon Place Belfast BT1 3LP

15

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Statement of financial activities (including income and expenditure account) For the year ended 31 July 2024

For the year ended 31 July 2024
Total Total
Unrestricted Restricted funds funds
funds funds 2024 2023
Note £ £ £ £
Income:
Donations and legacies 4 266,229 5,504,640 5,770,869 5,338,230
Investment income 5 102,052 - 102,052 39,225
Total income 368,281 5,504,640 5,872,921 5,377,455
Expenditure:
Expenditure on charitable activities 6 (134,922) (4,752,292) (4,887,214) (4,596,523)
Other expenditure 7 (7,775) (19,425) (27,200) (25,915)
Total expenditure (142,697) (4,771,717) (4,914,414) (4,622,438)
Net income for the year 225,584 732,923 958,507 755,017
Reconciliation of funds
Total funds brought forward at 1 August 772,251 3,808,919 4,581,170 3,826,153
Total funds carried forward at 31 July 997,835 4,541,842 5,539,677 4,581,170

All amounts above relate to continuing operations of the charitable company.

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 26 form part of these financial statements.

16

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Balance Sheet

As at 31 July 2024

Balance Sheet
As at 31 July 2024
2024 2023
Note £ £
Current assets
Debtors 9 682,037 575,289
Cash at bank and in hand 10 5,449,647 4,491,591
6,131,684 5,066,880
Creditors: amounts falling due within one year 11 (592,007) (485,710)
Net assets 5,539,677 4,581,170
Funds of the charity:
Unrestricted income funds 12 997,835 772,251
Restricted income funds 12 4,541,842 3,808,919
Total charity funds 5,539,677 4,581,170

The financial statements on pages 16 to 26 were approved by the Board of Directors on 26 November 2024 and signed on its behalf by:

garrett curran (Nov 27, 2024 10:29 GMT+1)

Dr Garrett Curran

Chair

Mrs Anne McLaughlin Director

The notes on pages 19 to 26 form part of these financial statements.

The Queen’s University of Belfast Foundation

Registered Number: NI 034280

17

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Cash flow statement

For the year ended 31 July 2024

Note 2024 2023
£ £
Cash flows from operating activities
Net income for the reporting period (as per the statement of financial 958,507 755,017
activities)
Adjustments for:
Investment income (102,052) (39,225)
Increase in debtors (106,748) (133,895)
Increase / (Decrease) in creditors 106,297 (133,660)
Net cash from operating activities 856,004 448,237
Cash flows from investing activities:
Investment income 102,052 39,225
Net cash from investing activities 102,052 39,225
Increase in cash and cash equivalents in the reporting period 958,056 487,462
Cash and cash equivalents at the beginning of the reporting period 4,491,591 4,004,129
Cash and cash equivalents at the end of the reporting period 10 5,449,647 4,491,591

The notes on pages 19 to 26 form part of these financial statements.

18

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Notes

1 Accounting policies

The Queen’s University of Belfast Foundation (“the charitable company”) is a company limited by guarantee, domiciled and registered in the UK. The registered number is NI 034280 and the registered address is Queen’s University Belfast, Alumni Engagement and Philanthropy, Lanyon Building, University Road, Belfast, BT7 1NN.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP 2019) and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland , the Charities Act (Northern Ireland) 2008 (as amended by the Charities Act (Northern Ireland) 2015), and the Companies Act 2006. The presentation currency of these financial statements is sterling.

The Queen’s University of Belfast Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed and revised on an ongoing basis. Management have assessed that there are no estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities recognised in these financial statements.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company’s financial statements.

Going concern

The Directors have reviewed the levels of pledges and targeted cash income for the 12 month period to December 2024. On this basis and taking account of the low levels of operational expenditure, they have a reasonable expectation that the Foundation will have adequate financial resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Income

Income is recognised when the charitable company has entitlement to the funds and it is probable that the income will be received and the amount can be reliably measured.

Voluntary income is accounted for when received by the charitable company and includes donations, gifts and related gift aid. Income from donations is included in the statement of financial activities in the accounting period to which it relates.

Legacies are recognised when there is entitlement, certainty of receipt and measurability of the legacy.

Interest on funds on deposit is included when receivable and the amount can be measured reliably. This is normally upon notification of the interest paid or payable by the bank.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

19

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Notes (continued)

1 Accounting policies (continued)

Expenditure (continued)

Basic financial instruments

Other debtors/other creditors

Other debtors are recognised initially at transaction price less attributable transaction costs. Other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash includes cash on hand and cash deposits repayable on demand. Deposits are repayable on demand if they are, in practice, available within 24 hours without penalty.

Impairment

Financial assets (including other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and the loss event that had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the charitable company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Fund accounting

The charitable company has various types of funds for which it is responsible and which require specific disclosure. A definition of the various types of fund is as follows:

2 Taxation

The Foundation is registered as a charitable company for taxation purposes and is exempt from corporation tax on its activities. The Foundation receives no similar exemption in respect of Value Added Tax.

20

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Notes (continued)

3 Net expenditure for the year
2024 2023
£ £
This is stated after charging:
Audit fees payable to the charitable company’s auditors for the audit of the financial 7,200 7,200
statements
4 Income from donations and legacies
2024 2023
£ £
Donations – individuals 1,959,376 1,662,952
Charitable donations 1,564,062 1,775,571
Corporate gifts 1,749,807 1,601,902
Legacies 497,624 297,805
~~5,770,869~~ ~~5,338,230~~

Income from donations and legacies includes unrestricted income of £156,244 ( 2023: £146,776 ) within individuals, £99,985 ( 2023: £50,000 ) within Foundation and Trusts and £10,000 ( 2023: £61,896 ) within legacies. Donations - individuals include income of £1,000 (2023: £69,963 ) associated with a gift in kind of a book collection.

5 Investment income

5
Investment income
2024 2023
£ £
Bank interest 102,052 39,225
6 Expenditure on charitable activities
2024 2023
£ £
Queen’s University direct charitable expenditure 4,887,214 4,596,523
7 Other expenditure
2024 2023
£ £
Governance costs - fees payable to the charitable company’s auditors for audit services 7,200 7,200
Other resources expended - bank charges and other expenditure/(income) 575 (1,215)
Other resources expended - foreign exchange loss 19,425 19,930
27,200 25,915

21

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Notes (continued)

8 Employee information

The charitable company has no employees (2023: none). Administrative support is provided to the Foundation by University employees who are remunerated directly by the University.

None of the Directors received any remuneration in respect of services provided to the charitable company (2023: £nil) nor were they reimbursed by the charitable company for expenses incurred during the year (2023: £nil).

9 Debtors

9
Debtors
2024 2023
£ £
Other debtors 237,183 109,140
Prepayments and accrued income 444,854 466,149
682,037 575,289

All debtors fall due within one year.

10 Analysis of cash and cash equivalents

2024 2023
£ £
Cash at bank and on hand 5,449,647 4,491,591
Total cash and cash equivalents 5,449,647 4,491,591

22

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Notes (continued)

11 Creditors: amounts falling due within one year

11
Creditors: amounts falling due within one year
2024 2023
£ £
Amounts owed to related party_(note 17)_ 566,807 473,179
VAT 18,000 5,331
Accruals and deferred income 7,200 7,200
592,007 485,710

Amounts owed to related party mainly represent July charitable disbursements paid in Quarter 1 of financial year 2023/24 and are therefore interest free and repayable on demand.

12 Analysis of charitable funds

Balance at Balance at
1 August Reclassification 31 July
2022 Income Expenditure of funds 2023
£ £ £ £ £
Restricted income funds 3,326,841 5,079,558 (4,447,480) (150,000) 3,808,919
Unrestricted income funds 499,312 297,897 (174,958) 150,000 772,251
Total funds 3,826,153 5,377,455 (4,622,438) - 4,581,170
Balance Balance at
at Reclassification 31 July
1 August Income Expenditure of funds 2024
2023
£ £ £ £ £
Restricted income funds 3,808,919 5,504,640 (4,771,717) - 4,541,842
Unrestricted income funds 772,251 368,281 (142,697) - 997,835
Total funds 4,581,170 5,872,921 (4,914,414) - 5,539,677

Unrestricted income funds are amounts which are expendable at the discretion of the Directors in furtherance of the aims and objectives of the Foundation. Restricted income funds are amounts which are expendable only in accordance with the specified wishes of the respective donor. The restricted income funds consist of donations and gifts to assist with academic, research, administration and capital expenditure of the University.

Donations previously received as restricted funding for the School of law Capital, were reclassified to unrestricted funding in the prior year, in line with the donor’s wishes.

23

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Notes (continued)

13 Analysis of net assets between funds

Unrestricted Restricted
funds funds Total
£ £ £
Cash at bank 779,451 3,712,140 4,491,591
Other net (liabilities)/assets (7,200) 96,779 89,579
Total as at 31 July 2023 772,251 3,808,919 4,581,170
Unrestricted Restricted
funds funds Total
£ £ £
Cash at bank 1,005,035 4,444,612 5,449,647
Other net (liabilities) / assets (7,200) 97,230 90,030
Total as at 31 July 2024 997,835 4,541,842 5,539,677

14 Analysis of net debt

At 1 August Cash flows At 31
2023 £ July 2024
£ £
Cash 4,491,591 958,056 5,449,647
Net cash 4,491,591 958,056 5,449,647

24

The Queen’s University of Belfast Foundation

(a charitable company limited by guarantee)

Notes (continued)

17 Related party disclosures (continued)

The following facilities are provided free of charge by Queen’s University Belfast and are not charged to the Foundation:

In addition, as disclosed in note 8 a number of the Directors are remunerated by Queen’s University Belfast. No apportionment of remuneration in respect of services provided specifically to this charitable company has been made.

There was no payment to Directors in the current or prior year.

18 Liability of members

The charitable company is a company limited by guarantee. The liability of the members is limited to an amount not exceeding £1.

19 Contingent liabilities

There were no contingent liabilities at 31 July 2024 (2023: £nil).

20 Subsequent events

There have been no material events subsequent to 31 July 2024 which would require disclosure and/or adjustment in these financial statements.

26